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The SEC Called Us a Cauldron of Fraud – Without Any Evidence
The post The SEC Called Us a Cauldron of Fraud – Without Any Evidence appeared on BitcoinEthereumNews.com. Gary Gensler’s Securities and Exchange Commission (SEC) branded Binance.US “a cauldron of fraud,” and used its power and influence to choke off the firm’s banking relationships and USD fiat ramps, despite failing to produce any evidence to back up its claims in court, the interim chief of Binance.US told CoinDesk in an interview. In June of 2023, incensed by the chicanery of crypto exchange FTX, the SEC sued Binance and Binance.US, as well as their owner Changpeng Zhao for charges that included violations of securities laws. Later, Binance agreed to a $4.3 billion settlement with U.S. authorities, and Zhao served some jail time. Binance.US, which is a separate legal entity from Binance Global, was not involved in that settlement at all. The firm remains locked in litigation stalemate with the SEC today, having been forced to endure the last 18 months denuded by the assault on its business, operating as a crypto-to-crypto only exchange. “We’ll never get recompense for the damage the SEC did to us,” said Binance.US’s interim CEO Norman Reed. “Within two weeks of that lawsuit, we’d lost thousands of customers, billions of dollars went out the door and we were later forced to lay off 70% of our staff. Institutions and banks ran away from us because the SEC said we were another fraudulent firm like FTX. It’s ironic that a U.S. financial regulator would essentially create a bank run at a company, which is what they did.” Thankfully there’s light at the end of the tunnel for Binance.US. Reed said he expects to have USD fiat services revitalized and working in the next few weeks; the firm is poised for a dramatic comeback, courting partnerships with banks and in dialogue with state regulators once more. Binance.US doesn’t want or need to play the victim, Reed added,…
The post The SEC Called Us a Cauldron of Fraud – Without Any Evidence appeared on BitcoinEthereumNews.com.
Gary Gensler’s Securities and Exchange Commission (SEC) branded Binance.US “a cauldron of fraud,” and used its power and influence to choke off the firm’s banking relationships and USD fiat ramps, despite failing to produce any evidence to back up its claims in court, the interim chief of Binance.US told CoinDesk in an interview. In June of 2023, incensed by the chicanery of crypto exchange FTX, the SEC sued Binance and Binance.US, as well as their owner Changpeng Zhao for charges that included violations of securities laws. Later, Binance agreed to a $4.3 billion settlement with U.S. authorities, and Zhao served some jail time. Binance.US, which is a separate legal entity from Binance Global, was not involved in that settlement at all. The firm remains locked in litigation stalemate with the SEC today, having been forced to endure the last 18 months denuded by the assault on its business, operating as a crypto-to-crypto only exchange. “We’ll never get recompense for the damage the SEC did to us,” said Binance.US’s interim CEO Norman Reed. “Within two weeks of that lawsuit, we’d lost thousands of customers, billions of dollars went out the door and we were later forced to lay off 70% of our staff. Institutions and banks ran away from us because the SEC said we were another fraudulent firm like FTX. It’s ironic that a U.S. financial regulator would essentially create a bank run at a company, which is what they did.” Thankfully there’s light at the end of the tunnel for Binance.US. Reed said he expects to have USD fiat services revitalized and working in the next few weeks; the firm is poised for a dramatic comeback, courting partnerships with banks and in dialogue with state regulators once more. Binance.US doesn’t want or need to play the victim, Reed added,…
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